View the top 10 credit cards, handpicked by creditworld because we believe they are the most competitive offers available. We base our decision on a combination of factors including ongoing purchase rate, fees, extras, popularity with visitors and introductory deals. Choices may not suit each individual, and you need to consider your own circumstances or seek advice. Also check back with us regularly, because card issuers may change offers at any time. If you need more help deciding, take a look at our useful guide; What type of credit card should I get?
|Rating||Product Name||Purchases||Balance Transfer||Annual Fee|
|13.49%p.a.||0%16 months||$58||Apply NowMore Info+ Shortlist|
|Smash your credit card debt with 0% on balance transfers for the first 16 months. Reverts to low purchase rate, One-off 2% balance transfer fee applies. Offer ends 20th of August.|
|0%for 12 months||4.99%6 months||$59||Apply NowMore Info+ Shortlist|
|The NAB Low Rate credit card offers a very low standard rate on purchases and 0% p.a. for 12 months. Reverts to low standard purchase rate of 13.99% p.a.|
|20.74%p.a.||0.99%6 months||$0||Apply NowMore Info+ Shortlist|
|Receive a bonus 7,500 Qantas Frequent Flyer Points and earn 1 point for every $1 spent with no points cap, and no annual fee to pay. 0.99% for the first 6 months on balance transfers (1% credit plan establishment fee applies).|
|19.99%p.a.||n/a||$95||Apply NowMore Info+ Shortlist|
|50,000 Qantas points when you spend $3,000 on purchases within the first three months and No Annual fee in the first year. Offer ends 20th of August.|
|20.74%p.a.||0%6 months||$700||Apply NowMore Info+ Shortlist|
|Citibank Prestige offers a 70,000 bonus rewards points when you first sign up along with 0% for 6 months on balance transfers|
|20.99%p.a.||0%24 months||$199||Apply NowMore Info+ Shortlist|
|Huge special offer with 0% on balance transfer plus a free bottle of award winning wine every time you dine and 1.25 reward points per $1 spent in Australia.|
Below are common questions on credit cards and factors to consider when choosing a new credit card.
Balance transfer credit cards enable you to transfer an existing outstanding credit balance from your old card or cards to the new card. The rate on the balance transfer is applied to the balance you transfer only - it does not apply to any other transactions with the new card.
If you want to take advantage of this, consider how long it will take for you to pay off that balance at that introductory rate. Any unpaid amount left at the end of the introductory period will generally revert to the current purchase or cash advance rate, as specified by the credit card company.
Each credit card has a specific interest rate attached to purchases you make and cash taken out using the card. If a card has a purchase rate of 13%, then you will pay 13% interest per annum (p.a.) on any purchases you make on the card. The cash advance rate is likely to be much higher - usually around 20% p.a.
A low interest credit card will offer a lower than average market rate - usually on purchases.
Some credit cards have introductory offers where you will pay no interest for a certain period of time. This can be a good choice if you plan to use the card frequently within the introductory period, such as Christmas spending, but be aware of the interest rate it will revert to when the introductory period ends.
Many credit card companies will charge an annual fee for the use of the credit card. Some credit cards are available with no annual fee for a certain period of time, and some cards will have no annual fee for the life of the account. Be aware of other charges: a one-off establishment fee is sometimes applicable on credit cards offering no annual fees.
You may be able to earn reward points when making purchases on your card. Different types of reward points will be offered on different credit cards, and it will generally depend on who the credit card company is affiliated with. For example, you may earn points to spend in certain department stores or on flights with certain airlines. Some credit card companies may offer access to a privilege program instead of offering reward points.
Depending on your credit rating, you may be offered cards that operate on a tiered system. For example, some companies offer Silver, Gold, and Platinum cards, each with an ascending level of privileges. Some will offer higher credit limits, a concierge service, rewards points, and upgrades.
There are many ways to apply for a credit card. Using an online comparison site is one of the easiest ways to ensure you get a credit card to suit you. The site will provide you with a range of credit cards available from a range of companies. From there it is easy to compare each card's advantages and disadvantages, what rewards are on offer, and how suitable it is for your needs. Once you have chosen the card you want, you can then use the secure online application service.
Another, more time-consuming option, is to check out each individual credit card site online. Or you can phone or visit your bank or credit provider to inquire about their options.
There are three main ways you can use your credit card: for purchases, withdrawing cash or bill payments. You can use your card to pay for frequent purchases, such as paying for your weekly food shop, flights abroad, or even larger purchases, such as bill payments depending on the terms of the card. This can be done in person, over the phone, or online, and there will be varying security methods in place.
You can take cash out on your credit card from an ATM, but be aware that the interest rate you will pay on these transactions can be very high.
At the end of the month, you will receive a statement detailing all transactions made on the card. Depending on the card's conditions, there will be a certain amount of time before a payment towards the total balance needs to be made.Generally interest will be charged each month on any outstanding balance unless the whole balance is not paid by the due payment date.
A minimum repayment will always be required each month towards any balance outstanding which the bank will specify.If you do not pay on time, or at all, then the card company may take action against you. This can result in fees, loss of rewards, or a mark against your credit file.
Credit cards generally come with numerous terms and conditions. It is up to you to make sure you read through all terms and conditions before you agree to the credit card. Pleading ignorance after the fact will carry no weight with the card companies. Some credit cards come with hidden fees and costs that you may not notice until the first bill arrives.
On each bill you receive, there will be a given date you will have to make a payment by. If you make the payment before this date, then any purchases made on the card thereafter will be added to next month's bill. This means there will be more than a month before the interest is due on those new purchases.
Some cards will offer periods of up to 55 days interest free, which means you will have 55 days after each purchase where there will be no interest to pay (make sure you check the terms on your card for more information on this).
Paying on time is also great news for your credit rating. If you miss payments it may affect your chances of getting credit or applying for a loan in the future.
If your card offers reward points with each purchase, then by using the card more often you will accumulate more points. Using your credit card to pay bills is a great way to use your card to earn more points. However, don't fall into the trap of paying bills on your credit card and then not paying off the balance of your card. This can lead to accumulation of interest on that sum that could cost you more in the long term. That's why it is important when comparing rewards cards to consider interest rates and not just the card with the best rewards.
Don't be dazzled by special introductory offers. Many of these will offer amazing deals for a short period of time, however, after the offer ends, the rates can be much higher than other credit cards without introductory offers. Always check the terms and conditions, and think about the longer-term. Your relationship with your credit card company may last a while, so lower rates or rewards offered over a long period of time will be of more benefit than the short-term gains of an introductory offer.
If you can, try to use only one credit card. Your finances will be much easier to manage if you have only one credit card payment to make each month. It is easier to keep track of how much you are spending, the interest you are paying, and how much you will need to pay back on a monthly basis.
Also, having only one credit card will generally look better on your credit file.
By consolidating all your cards into one, it can provide relief from debt-stress. Zero per cent balance transfers can offer you extra time to get your finances in order, and allow you to pay off more of your debt. If you only have one card, then make sure you consider all your options and choose the best credit card to suit your purposes.